Huntington Named Third Largest SBA Lender in the Country
Huntington holds top spot in SBA lending in Midwest states far outpacing competitors
COLUMBUS, Ohio--(BUSINESS WIRE)-- Once again, the U.S. Small Business Administration (SBA) has recognized Huntington (NASDAQ: HBAN; www.huntington.com) as the No. 3 lender in the nation for number of SBA 7(a) loans. Huntington continues to deliver on its promise to lend to small businesses throughout the Midwest, a firm commitment made three years ago when it mattered most.
In addition to its high national ranking, Huntington also remains the No. 1 lender among Midwest states for both the number and dollar amount of SBA 7(a) loans provided to small businesses1.
According to the SBA, Huntington made 2,557 SBA 7(a) loans for a total of $417.43 million for the period from October 1, 2011 through September 30, 2012. Huntington far exceeded its closest market competitors in the Midwest with more than five times the number of loans, and more than four times the dollar volume.
"As we have continued to demonstrate, lending to the small business community in the Midwest is a priority at Huntington, and we remain dedicated to this mission because we believe a strong business foundation makes for resilient Midwest communities and an even healthier U.S. economy," said Steve Rhodes, Huntington's director of business banking. "Our commitment to this belief is underscored in the loans we have made and the positive impact those loans have had on our surrounding communities including job growth."
The new SBA results pinpoint Huntington as the top lender in Ohio and Michigan, in both number of loans and total loan amount, and the top lender in volume and second in loan amount in Indiana, West Virginia, and Western Pennsylvania. Huntington's performance by state:
Ohio: 1,496 loans with a dollar volume of $223.84 million, No. 1 both in number of loans and dollar amount
Michigan: 611 loans with a dollar volume of $128.8 million, No. 1 both in number of loans and dollar amount
Indiana: 222 loans with a dollar volume of $28.42 million, No. 1 in number of loans and No. 2 in dollar amount
Western Pennsylvania: 128 loans with a dollar volume of $21.1 million, No. 1 in number of loans and No. 2 in dollar amount
West Virginia: 52 loans with a dollar volume of $9.90 million, No. 1 in number of loans and No. 2 in dollar amount
Kentucky: 45 loans with a dollar volume of $5.06 million, No. 2 in number of loans and No. 5 in dollar amount
To date, Huntington has now lent more than $3.8 billion to small businesses since February 2010, positioning the bank well ahead of pace in providing $4 billion in financing to small businesses in the Midwest over a three-year period.
"Huntington made this important three-year lending goal in 2010, at a time when businesses needed help, and when it mattered most," noted Rhodes. "Huntington is proud to have kept its commitment and we will continue to support small businesses by providing credit and financial advice, which will further drive our already strong Midwest recovery forward."
For more information about Huntington and its small business lending programs, visit https://www.huntington.com or call 1-800-480-2001.
Huntington Bancshares Incorporated is a $56 billion regional bank holding company headquartered in Columbus, Ohio. The Huntington National Bank, founded in 1866, provides full-service commercial, small business, and consumer banking services; mortgage banking services; treasury management and foreign exchange services; equipment leasing; wealth and investment management services; trust services; brokerage services; customized insurance brokerage and service programs; and other financial products and services. The principal markets for these services are Huntington's six-state banking franchise: Ohio, Michigan, Pennsylvania, Indiana, West Virginia, and Kentucky. The primary distribution channels include a banking network of more than 690 traditional branches and convenience branches located in grocery stores and retirement centers, and through an array of alternative distribution channels including internet and mobile banking, telephone banking, and more than 1,380 ATMs. Through automotive dealership relationships within its six-state banking franchise area and selected other Midwest and New England states, Huntington also provides commercial banking services to the automotive dealers and retail automobile financing for dealer customers.
1Huntington is the #1 SBA 7(a) lender in the region made up of Indiana, Kentucky, Ohio, Michigan, West Virginia and Western PA, Source: U.S. Small Business Administration fiscal year, ending September 30, 2012.
The Huntington National Bank, Member FDIC. The logo mark and Huntington®are federally registered service marks of Huntington Bancshares Incorporated.
Huntington Bancshares Incorporated
Matthew Samson, 614-480-3763
KEYWORDS: United States North America Ohio
The article Huntington Named Third Largest SBA Lender in the Country originally appeared on Fool.com.
Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2012 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.